Smith Salley Wealth Management Has $34.97 Million Holdings in AbbVie Inc. $ABBV

Smith Salley Wealth Management boosted its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 2.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 160,791 shares of the company’s stock after acquiring an additional 3,415 shares during the period. AbbVie makes up approximately 1.8% of Smith Salley Wealth Management’s investment portfolio, making the stock its 14th largest holding. Smith Salley Wealth Management’s holdings in AbbVie were worth $34,971,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of AbbVie during the fourth quarter worth about $5,865,055,000. Wellington Management Group LLP increased its stake in AbbVie by 457.4% during the 3rd quarter. Wellington Management Group LLP now owns 10,536,901 shares of the company’s stock worth $2,439,714,000 after purchasing an additional 8,646,424 shares in the last quarter. Capital World Investors increased its stake in AbbVie by 106.3% during the 4th quarter. Capital World Investors now owns 13,071,444 shares of the company’s stock worth $2,986,777,000 after purchasing an additional 6,736,161 shares in the last quarter. Cardano Risk Management B.V. raised its holdings in AbbVie by 914.6% during the 4th quarter. Cardano Risk Management B.V. now owns 5,444,930 shares of the company’s stock worth $1,244,112,000 after buying an additional 4,908,260 shares during the period. Finally, Geode Capital Management LLC raised its holdings in AbbVie by 10.4% during the 4th quarter. Geode Capital Management LLC now owns 44,629,980 shares of the company’s stock worth $10,179,099,000 after buying an additional 4,190,487 shares during the period. 70.23% of the stock is owned by institutional investors and hedge funds.

AbbVie Stock Up 6.3%

NYSE ABBV opened at $230.10 on Tuesday. The firm’s 50 day moving average is $212.53 and its 200-day moving average is $218.76. The company has a market capitalization of $406.54 billion, a PE ratio of 113.35, a price-to-earnings-growth ratio of 0.66 and a beta of 0.32. AbbVie Inc. has a 12-month low of $181.73 and a 12-month high of $244.81.

AbbVie (NYSE:ABBV) last announced its earnings results on Wednesday, April 29th. The company reported $2.65 EPS for the quarter, topping the consensus estimate of $2.59 by $0.06. The business had revenue of $15 billion during the quarter, compared to analysts’ expectations of $14.72 billion. AbbVie had a net margin of 5.79% and a negative return on equity of 576.45%. The firm’s revenue was up 12.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.46 earnings per share. As a group, sell-side analysts expect that AbbVie Inc. will post 14.3 EPS for the current year.

AbbVie Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Wednesday, July 15th will be paid a dividend of $1.73 per share. This represents a $6.92 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date is Wednesday, July 15th. AbbVie’s dividend payout ratio is currently 340.89%.

Key AbbVie News

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: Expands AbbVie’s immunology franchise with late-stage assets that may help offset future patent and revenue pressures. Reuters: AbbVie strikes $10.9 billion deal for Apogee Therapeutics
• Positive Sentiment: Supports confidence in AbbVie’s ability to keep growing beyond Humira, helped by strength in newer drugs like Skyrizi and Rinvoq. Quiver Quant: AbbVie gains as investors weigh stronger growth outlook and recent pipeline wins
• Neutral Sentiment: Analysts and media outlets are framing the transaction as strategic, but the size of the deal also adds integration and execution risk. WSJ: AbbVie to Buy Apogee Therapeutics for $10.9 Billion in Cash
• Neutral Sentiment: AbbVie also received attention for recent product news, including FDA approval for Allergan Aesthetics’ Skinvive by Juvéderm, which adds another modest positive backdrop. Yahoo Finance: AbbVie’s Allergan Aesthetics Wins FDA Approval for Skinvive by Juvederm

Analyst Ratings Changes

ABBV has been the subject of several research analyst reports. William Blair reiterated an “outperform” rating on shares of AbbVie in a report on Monday, March 9th. Piper Sandler boosted their price objective on shares of AbbVie from $294.00 to $298.00 and gave the company an “overweight” rating in a research report on Thursday, May 14th. Royal Bank Of Canada assumed coverage on shares of AbbVie in a research note on Tuesday, February 24th. They issued an “outperform” rating and a $260.00 target price for the company. Bank of America upgraded AbbVie from a “neutral” rating to a “buy” rating and set a $234.00 target price for the company in a report on Thursday, April 30th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of AbbVie in a research note on Monday, June 8th. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, AbbVie has a consensus rating of “Moderate Buy” and a consensus target price of $253.43.

AbbVie Company Profile

AbbVie is a global, research-driven biopharmaceutical company that was created as a spin-off from Abbott Laboratories in 2013 and is headquartered in North Chicago, Illinois. The company focuses on discovering, developing and commercializing therapies for complex and often chronic medical conditions. Its operations span research and development, manufacturing, regulatory affairs and commercialization, with an emphasis on bringing specialty medicines to market across multiple therapeutic areas.

AbbVie’s product portfolio and pipeline cover several major therapeutic categories, including immunology, oncology, neuroscience, virology and women’s health.